The first day that students can apply for Federal Financial Aid will be Oct. 1!

There are 4 Types of Financial Aid:

Scholarships (merit and need-based)

Grants (need-based) - money given by the government based on FAFSA results that you do not have to pay back

Work-Study (need-based) - based on FAFSA results

Loans (need-based and non-need-based) - Money given by the government based on FAFSA results that you do have to pay back.

Federal Financial Aid Vocab

FSA ID (Federal Student Aid ID) - This is a username and password that the student and one parent have to get to complete the FAFSA. The next senior newsletter will have instructions for obtaining this.

FAFSA (Federal Application for Free Student Aid) - the online application to apply for Federal Financial Aid. You will use your 2016 household income tax information to complete it. It will be available on October 1.

SAR (Student Aid Report) - This is the summary of your processed FAFSA application. Some scholarships will ask for this summary (ex. Susan Buffet Scholarship). It also contains your EFC number that is sent to the colleges.

EFC (Estimated Family Contribution) - a number determined to be the amount of money your household can contribute towards college. Colleges determine your student aid package using this number and other information.

Create an FSA ID. You and a parent must each create a username and password at fsaid.ed.govthat will serve as your Federal Student Aid (FSA) IDs for the Free Application for Federal Student Aid (FAFSA). You will each need your own email address to create an FSA ID.Complete the FAFSA at fafsa.gov on or after October 1. The FAFSA is your application for federal, state, and college-based financial aid. The colleges you list on the application will use that information to determine the types and amounts of financial aid they will award you.

Get FREE help from EducationQuest

Attend an EducationQuest Financial Aid Program this fall to learn about types of financial aid and the FAFSA. By attending, you can register to win a $500 scholarship! Click here for details.

The FAFSA opened October 1 so many of you have already completed and submitted your form. Here’s what happens next:

Expect a Student Aid Report (SAR). You’ll receive it via an email link if you provided an email address on your FAFSA. The SAR acknowledges that your FAFSA was received, and if you need to take further action to process your FAFSA.

Make sure you applied for admission to colleges you listed on your FAFSA.

Colleges who receive your FAFSA results typically won’t send you a financial aid package until you’ve applied and have been accepted to the school.

Watch for financial aid award notifications. The colleges you applied to – and listed on your FAFSA – will send you a financial aid award notification detailing the types and amounts of aid they’re offering based on your financial need.

Looking for a new private student loan?
Here are the best lenders.

Private students loans are used by over one million students each year. Why? Well, the rising costs of higher education has made it difficult for students and families to afford college. Scholarships, grants, and federal student loans are all great ways to help meet your cost of attendance.

Unfortunately, many students are left with a sizable gap between their financial aid awards and the cost of attendance at college. Private financing packages were created to help students fill the gap between financial aid and the cost of attendance.